Gap Inc. Goes Out Of Fashion As Earnings Disappoint
May, 19th 08:54
Gap Inc. shares have plummeted by double digits since last Tuesday, to their lowest price since the start of 2013 after the company reported larger-than-expected declines in same-store-sales, and offered a grim first-quarter earnings forecast. Besides a slow retail market, the company has been losing sales to chains such as H&M and Zara as it lags in identifying and rolling out new trends. On the H1 chart, Gap ended last session with a change of -1.38 percent, trading at 17.09. RSI is wandering in the oversold zone with a reading of 26.02, signaling a strong bearish trend. The stock is likely to drop further in the future.
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